光伏设备行业深度：碳中和政策强化光伏产业供需两旺-211224（36页）.pdf

1、 2021 12 24 % 1M 3M 12M -7.20% 0.65% 39.97% 300 0.72% -6.06% -6.06% 2020A 2021E 2022E EPS PE EPS PE EPS PE 0.76 61.42 1.10 42.32 1.53 30.54 1.58 50.76 2.07 38.66 2.87 27.95 0.80 54.97 1.80 24.43 2.46 17.93 0.59 132.68 0.93 84.62 1.49 52.79 0.52 50.77 0.62 42.28 0.89 29.54 1.91 38.83 2.38 31.15 2.94

2、25.15 wind 2021 262021 仯 39.97%300 46pcts36pcts仯2021 2022 202270GW140GW 210GW 30%棬2022 82 244GW 15-20/ 500GW+46% 507GW+20% N 1.5 顣 N N 豸 -20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%2020-12 2021-04 2021-08300 豸 -2- 1 . 4 1.1 . 4 1.2 . 7 1.3 . 10 2 . 17 2.1 . 17 2.2 . 19 2.3 羺N . 21 2.4 .

3、29 2.5 . 32 3 . 34 4 . 36 1 . 4 2. 5 3 . 5 4. 7 5. 7 6sw . 8 7sw . 8 8 A . 8 9 300 . 8 10 A . 9 11 300 . 9 12 . 9 13 . 10 14 NDC .11 15塱 . 18 16 . 19 17 . 19 18 . 20 191.8 . 20 20 . 22 21 . 24 22 . 25 23 . 25 24TOPcon . 26 25HJT . 26 26N . 26 27N . 27 rQtNsQoQmQuMnPtPmNnRrM7NaObRtRpPtRmOeRrRmNiNnNsO

4、bRrQmMNZpOrRNZrNnO -3- 28 . 27 29仯 . 28 30仯 . 28 31 . 28 32 . 29 33 . 29 34 . 30 35 . 30 36 . 31 37 . 31 38 . 31 39 . 31 40 . 31 41岣 . 31 42 . 32 43 . 32 44 . 33 45 . 34 46 . 34 1 25 . 6 2 25 . 6 3仯 . 11 4仯 . 13 5 . 17 6 . 19 72022 . 20 8仯 . 21 9 . 22 10 . 23 11 . 24 -4- 1 1.1 35.3% 35.3% 300 -10.6%

5、 1.50% 4.2% 500 11.4% 45.8pcts33.8 pcts31.1 pcts 23.9 pcts 販仯/ 1 wind 棬飬 50 棬 68 /kg 88 -5- /kg 40 /m2 棬2021 硢翪壩 棬 26 / m2棬 2021 硢翪 棬6 飬 200-500GW 飬侭棬 7 8 80% 421# 6 书 2 3 wind wind 2021 仯 -6- 1仯23豸豸豸豸仯+ 125 225 % 341.02% 337.12 243.97% 1,630.64 225.35% 341.74 208.09% 161.00 204.57% 237.40 142.90% 5

6、25.79 135.24% 1,526.53 134.95% 906.71 128.78% 153.88 127.17% 270.65 124.68% 159.47 繤 120.20% 830.29 119.41% 196.01 110.82% 124.13 106.66% 173.56 95.48% 197.77 95.36% 2,093.86 84.55% 243.28 75.79% 712.88 72.76% 359.92 71.95% 174.24 71.90% 277.09 64.94% 354.24 64.06% 1,105.18 63.85% 283.81 % -22.89% 3